Save enough for retirement

Make a plan to help meet your retirement income goals.

Reaching your retirement savings goals starts with developing a roadmap now. Start by understanding a few key factors: a yearly savings rate, a savings factor to help you see where you stand, an income replacement rate, and a potentially sustainable withdrawal rate.

What should you know?

How much should I save each year for retirement?

More than 10%

You may need to save more than 10% of your income annually — this can include what you save as well as any employer contributions. Start as soon as you can.

How much do I need to save for retirement?

More than 7x

You may need to save more than 7 times your pre-retirement income by state pension age.

What will my savings cover in retirement and how long can I make them last?

More than 30%

You may need to plan for your savings to provide annually more than 30% of your pre-tax, pre-retirement income. It may be wise to withdraw no more than 4%-5% from savings annually (with adjustments for inflation).

The ranges above vary based on where you live, how old you currently are, how you’re invested, what your goals are and how much you have already saved.

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